IMF raises growth forecast for Israel's economy

Forecast sees GDP expanding 3.1% in 2017, 3.4% in 2018 Israeli shekels are worth more in euro or dollar terms than for many years. Reuters

The International Monetary Fund on Tuesday raised Israel’s economic outlook for this year and next as it raised its forecast for global growth.

Israeli gross domestic product will expand 3.1% this year and 3.4% in 2018, the IMF said in its World Economic Outlook. That marks a slowdown from last year’s 4% rate but higher than its previous estimates of 2.9% and 3% for 2017 and 2018, respectively, made in July.

The IMF upgraded its global economic growth forecast for 2017 by 0.1 percentage point to 3.6% and to 3.7% for 2018, driven by a pickup in trade, investment and consumer confidence. Forecasts for eurozone, Japan, China, emerging markets and Russia were all revised upwards.

The IMF said Israeli consumer prices would climb 0.2% this year after falling 0.5% in 2016. Unemployment will fall to 4.3% in 2017 and rise to 4.5% in 2018, it said.

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